Panama City commissioners are moving forward with plans to rebuild St. Andrews Marina. The restoration project will cost $25 million.
Commissioners on Tuesday met with St. Andrews Marina Partners, LLC, also known as SAMP, about a lease agreement that holds the city and the company responsible for half of the cost each of the marina’s reconstruction.
“Right now, the city is not involved in financing this project for SAMP, but there’s discussion in the lease," Panama City attorney Nevin Zimmerman said.
Tuesday’s deal stipulates that the LLC must pay the city rent, beginning December 31, 2031, to run the marina. That same day, Commissioners will need to come up with $12 million to cover their half of the bargain.
Until St. Andrews Marina is rebuilt, the city has asked its partner to hold off on building other things, and to allow public access to boating docks.